Bridge Lender Offering Fixed Rate of 8.9%

George Smith Partners has identified a bridge lender offering a fixed rate of 8.9% for properties located in California. For loans at a conservative LTV, the rate can go as low as 7.9%. The lender does not require a personal guarantee and can close in as little as 2 weeks with sufficient documentation. The term is limited to 24 months and there is no prepay or yield maintenance. Proceeds are limited to a maximum of 60% LTV, but the lender will allow a 2nd trust deed up to 80% LTV. The minimum and maximum loan sizes are $1MM to $25MM, but the lender may go higher on a case-by-case basis. The lender can do bridge loans on a variety of asset types, but they are not presently financing land or ground up construction.